While China was a net exporter of oil until 1992, the country had net imports of 800,000 barrels per day by 1998.

Question 24 of 30

How much oil was China importing daily by 2007, when global oil prices shot through the roof?

1 million barrels per day

2 million barrels per day

more than 3 million barrels per day

China was importing 3.7 million barrels of oil per day in 2007, making it the world's third-largest oil importer at the time.

Question 25 of 30

What shockingly high price per barrel did oil reach in July 2008?

$75

$100

$147

Oil hit an all-time high of $147 per barrel at its peak in July 2008 as demand from China exhausted world supplies and drove prices up.

Question 26 of 30

How did U.S. drivers respond to the record gas prices in 2008?

They drove more.

They drove less.

U.S. drivers cut fuel consumption by 5 percent in 2008 in response to soaring gas prices.

Their driving habits stayed the same.

Question 27 of 30

How much of OPEC's oil output comes from Saudi Arabia?

20 percent

33 percent

Saudi Arabia produces around a third of all OPEC oil, which means the nation wields tremendous power to influence world oil supplies and prices.

50 percent

Question 28 of 30

What percentage of U.S. oil came from fracking in 2015?

5 percent

25 percent

49 percent

Forty-nine percent of U.S. oil, or 4.6 million barrels per day, came from fracking rather than drilling in 2015.

Question 29 of 30

What percentage of global oil exports come from OPEC members?

25 percent

55 percent

OPEC members produce 55 percent of all oil in the world.

75 percent

Question 30 of 30

When do experts suggest the world will experience peak oil production?

2050

Many experts suggest that peak oil — the highest possible levels of production — will occur by 2050. After that, the cost of oil production will drive suppliers to more lucrative energy sources, and oil use and production will decline.